DHG [MARKET PERFORM +5.8%] - Sales to resume mid-single-digit growth - Update 2021-02-18T18:47:13 Company Research We maintain a MARKET PERFORM rating. We believe our 16.5x forecast 2021F PER for DHG is reasonable given its single-digit core earnings growth outlook. We note that our 2021F EPS growth of 11% is boosted by a one-off provision expense in Q4 2020.